5
# Chapter 5
Several months passed much faster than expected.
During that time, all Jin-oh did was occasionally open the windows of the abandoned house to air it out and sweep away the garbage scattered across the floor. He also casually visited nearby real estate agencies to keep an eye on the trends in the local commercial district, while enjoying his peaceful daily life.
Then, at last, the news he had been waiting for was officially announced on the government office bulletin board.
The small-scale block housing redevelopment project covering the entire area had been confirmed.
As soon as the association was established, the project began gaining momentum at a frightening speed.
Backed by a major construction company, the developer immediately set out to purchase the holdout properties that had been causing them the most trouble.
In particular, Jin-oh’s semi-basement villa, located right in the center of the area, was a crucial puzzle piece they absolutely had to secure.
“Mr. Kim Jin-oh, thank you very much for considering our offer positively. To be honest, I was secretly worried that you might make unreasonable demands, but thanks to your cooperation, we’ll be able to bring the project schedule forward considerably.”
A developer’s employee sitting across from Jin-oh at a cafe repeatedly bowed his head as he handed over the documents.
Jin-oh casually scanned the figures written on the papers before picking up the pen lying on the table.
“I had no intention of dragging things out and making things difficult for either of us. I’m signing because the terms you offered are reasonable.”
“Of course. As promised, the cash settlement and relocation expenses will be deposited in full into the account you designated this afternoon. I hope everything you do in the future continues to prosper.”
The employee left the cafe with light steps.
Less than a few hours later, Jin-oh’s smartphone gave a short vibration.
A notification from his banking application appeared on the screen.
[Deposit: 320,000,000 won]
[Sender: Taeyang Urban Development Co., Ltd.]
Just a few months ago, it had been a problematic auction property he had picked up for a little over 32 million won.
The foul-smelling semi-basement room occupied by thugs had instantly transformed into more than 300 million won in solid cash, deposited directly into Jin-oh’s bank account.
A return of nearly ten times his investment.
But Jin-oh’s expression barely changed.
He didn’t shout for joy like someone who had won the lottery, nor did he become so excited that he didn’t know what to do.
He simply took a slow sip of the iced Americano he had left.
He had merely confirmed once again that the most accurate information itself could become the greatest form of capital.
‘Now I finally have enough ammunition to make a real move.’
---
A few days later, Jin-oh left the cramped outskirts of the metropolitan area behind and was walking through an old downtown commercial district in northern Seoul.
The sounds of people’s footsteps and car horns constantly mingled from every direction.
It was a gigantic melting pot that displayed the bare face of capitalism, filled with dazzling neon signs and towering skyscrapers.
The 300 million won sitting quietly in Jin-oh’s bank account was an enormous sum that an ordinary office worker might struggle to accumulate even over an entire lifetime.
But on the main street of this enormous commercial district, it wasn’t even enough to introduce himself.
However, things would be completely different if he used bank loans as a legitimate form of leverage.
If he combined 300 million won in cash, his clean credit record, and the collateral value of the building he intended to purchase, a small building worth around one to 1.5 billion won would easily fall within his reach.
For several days, Jin-oh had been thoroughly exploring the side streets around subway stations where pedestrians flowed through.
He was searching with his own eyes for hidden properties that had never been listed on real estate apps or emergency sales where owners in desperate circumstances were throwing properties onto the market at absurdly low prices.
“This line of shops is completely dead.”
Once he stepped one block in from the busy main road, the flow of people stopped as though someone had flipped a switch.
Restaurants with old signs and empty storefront windows sat abandoned beneath layers of dust.
Among them, one particular building strongly caught Jin-oh’s attention.
It was an old four-story building constructed from faded red bricks.
On the first floor was a shabby convenience store with flies buzzing around, looking as though it could close its doors at any moment.
From the second to fourth floors, red letters reading “Inquiries for Lease” were plastered all over the windows.
Among the nearby real estate agents, it was known as the so-called graveyard of the commercial district, one of the worst problem properties imaginable.
Even buyers who came to look at the building frequently shook their heads and fled because of its gloomy atmosphere and ominous rumors surrounding it.
But Jin-oh stopped dead in front of the old building.
It was because of an overwhelming phenomenon visible only through his strange vision.
Wrapping around the dark and gloomy exterior of the building was a dazzling golden hologram so brilliant that it almost hurt his eyes.
It was a heavy and immense aura of wealth, incomparable even to the silver opportunity he had seen at the semi-basement villa.
When Jin-oh narrowed his eyes, the golden status window floated into the air and began pouring out a dense stream of information.
[Target: Four-story commercial building in OO-dong, Gangbuk-gu]
[Current Asking Price: 1.15 billion won, emergency sale]
[Key Advantage: Announcement of construction for a new subway transfer passage and Exit 8 scheduled in six months]
[Expected Value Increase: Land value confirmed to surge to at least 2.5 billion won immediately after the construction announcement]
A short breath escaped between Jin-oh’s lips.
A new subway transfer exit would be built directly through the pedestrian path in front of the building.
It was an enormous development opportunity that would transform the dead side street into the main passageway of a prime subway station district overnight.
It meant that if he could hold on for just six months, the value of the building would more than double.
But the information in the status window did not end there.
Red letters continued below, revealing the critical internal information that explained why the building had been thrown onto the market so cheaply as an emergency sale that no one was interested in.
[Current Adverse Factor: Malicious illegal gambling establishment tenant occupying the basement level]
[Internal Information: Scheduled to be caught in a large-scale planned crackdown by the Seoul Metropolitan Police Agency’s Metropolitan Investigation Unit in three weeks]
[Result: All tenants arrested and business forcibly shut down. Natural eviction to follow.]
“...Seriously.”
Jin-oh gave a hollow laugh as he looked down at the narrow, dark staircase leading to the basement.
There was the real reason the owner had been unable to find new tenants no matter how hard he tried.
The illegal gambling operation that had taken root in the basement must have sent intimidating men in and out of the building every night.
There was no way an ordinary business owner would want to move in and run a shop under those circumstances.
The previous owner had clearly been unable to legally evict the thuggish tenants and could barely keep up with the loan interest on the vacant upper floors.
Eventually, unable to endure it any longer, he had put the building on the market at a price far below its actual market value.
To an ordinary investor without this information, it was a terrifying minefield that should never be touched.
But in Jin-oh’s eyes, there couldn’t have been a more perfectly prepared opportunity.
The biggest problem, the malicious tenants occupying the basement, would be cleaned out for free by the police in just three weeks.
The building’s only major drawback would disappear without leaving a trace.
What remained would be the enormous gift of a new subway transfer exit opening directly in front of the building.
The information gap was truly this cruel and yet this sweet.
For someone else, it was a pit of hell that would slowly devour their entire fortune.
For Jin-oh, it was a golden cushion that could earn him more than a billion won simply by sitting still.
Jin-oh pulled out his smartphone and quickly calculated the figures in his head.
The purchase price was 1.15 billion won.
With 300 million won in cash sitting in his account, assuming the existing loan secured against the building could be taken over and adding a small amount of credit borrowing to cover the shortfall, the numbers worked out well enough for him to acquire it.
In fact, because the owner was desperate enough to throw the property onto the market as an emergency sale, there was even plenty of room to negotiate the price down further if Jin-oh put down the deposit immediately.
Once he had a solid plan, Jin-oh’s gaze became calm.
There was no reason to delay any longer.
A valuable property like this would inevitably be snatched up by someone sharp-eyed the moment he hesitated.
Jin-oh turned his gaze and searched for the sign of the large real estate brokerage firm handling the exclusive sale of the building.
It was a fairly impressive office located on the corner of a busy intersection along the main road.
Through the glass doors, agents in suits were constantly answering phones and shuffling through documents, moving busily around the office.
Jin-oh casually brushed down his clothes and walked straight into the brokerage firm.
Ding.
A cheerful bell rang as a refreshing blast of air conditioning swept over him.
“Welcome! What kind of property are you looking for?”
A well-built agent sitting closest to the door immediately stood up and greeted him warmly.
He briefly looked over Jin-oh’s youthful face and comfortable casual clothes before showing a slightly puzzled expression.
He seemed to assume Jin-oh was nothing more than a college student looking for a studio apartment nearby, perhaps for a jeonse or monthly rental.
Jin-oh casually ignored the agent’s peculiar gaze and comfortably leaned back on the spacious consultation sofa in the center of the office.
There wasn’t the slightest hesitation or awkwardness in his manner.
Jin-oh pulled out his smartphone, placed it firmly on the table, and spoke in a low but clear voice.
“That four-story red-brick small building on the side street behind here. It’s listed as an emergency sale for 1.15 billion won, correct?”
The agent’s eyes widened.
This wasn’t a simple inquiry about monthly rent.
He had specifically asked about a property worth more than a billion won.
The other employees who had been organizing documents nearby also turned their eyes toward Jin-oh sitting on the sofa.
Silence instantly descended over the office.
Jin-oh casually rested his chin on his hand and met the agent’s eyes directly.
“I’d like to sign the contract for that building today.”